Vegan foods are plant-based food products that are made without meat, dairy, eggs or any other animal-derived ingredients. Vegan products like plant-based meat, dairy alternatives made from plant-based milk like almond, soy, oats etc. provides complete proteins and other essential nutrients. With increasing awareness about health and environment benefits of vegan diets, more consumers are switching to vegan alternatives. The global Vegan Food Market is estimated to be valued at US$ 20 billion in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rising health consciousness is one of the key trends accelerating growth of the vegan food market. People are becoming increasingly aware about health risks associated with consumption of animal products like dairy, meat etc. Studies have linked animal products with increased risks of heart diseases, diabetes, obesity and certain types of cancers. On the other hand, vegan diets rich in fruits, vegetables, whole grains and plant-based proteins are found more beneficial for maintaining overall health and wellness. This is encouraging more people to adopt veganism leading to higher demand for various vegan food products. Plant-based food manufacturers are launching various health-focused marketing campaigns to promote nutritional and health benefits of vegan diets, which is further boosting popularity and sales of vegan food worldwide.
Segment Analysis
The vegan food market is dominated by the dairy alternatives sub-segment, accounting for over 35% of the overall market share. The high demand for plant-based milk alternatives such as soy milk, almond milk and oat milk has contributed to the leading position of this sub-segment. Consumers are increasingly adopting non-dairy milks owing to lactose intolerance, dietary preferences and ethical concerns regarding animal welfare.
Key Takeaways
The Global Vegan Food Market Share is expected to witness high growth over the forecast period. The rising health consciousness and concerns regarding animal welfare has boosted the demand for plant-based products across major regions.
Regional analysis: North America currently accounts for the largest share of over 30% of the global vegan food market. The presence of prominent players and rising vegan population in the region has contributed to its leading position. Europe is the second largest regional market and is expected to grow at a robust rate during the forecast years on the back of strong vegan movement and support from government organizations.
Key players operating in the vegan food market are Danone SA, Beyond Meat, Daiya Foods, Impossible Foods, Califia Farms, Amy’s Kitchen, Plamil Foods, Tofutti Brands and Earth’s Own Food. Danone SA commands the highest market share owing to its vast portfolio of plant-based dairy alternative products such as soymilk and almond milk. Beyond Meat has further strengthened its position in the market through partnership with major food retail chains and restaurants.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it